EUR/JPY Is in a Horizontal Trend, with Resistance at 158.00

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RESULTS

Key Resistance Levels: 160.00, 162.00, 164.00
Key Support Levels: 150.00, 148.00, 146.00

EUR/JPY Price Long-term Trend: Bullish
The EUR/JPY is rising and trading above the moving average lines with resistance at 158.00. The rising price movement, however, has ceased since June 27. Since then, the pair has resumed a sideways trend below the 158.00 mark.

The uptrend was broken when the pair reached the resistance level of 158.00. Buyers attempted three fruitless times to keep the price above the resistance level of 158.00 but were repulsed each time. If buyers are successful, the pair will resume its upward momentum.

The price will start to plummet again if it drops below the moving average lines. The horizontal trend will persist if the price does not breach the current resistance and support levels.

Daily Chart Indicators Reading:
EUR/JPY is in a positive trend zone, with the Relative Strength Index at 57 for period 14. The Yen has been rising since the price bars are above the moving average lines. Moving average lines slant higher, indicating an uptrend.

EUR/JPY Medium-term Trend: Ranging
Since June 27, the 4-hour chart has been trending sideways. The Yen is presently range-bound below the 158.00 resistance level. On the lower time frame, the Yen is trading above the moving average lines, indicating that the pair may rise.

Today, the pair is advancing to retest the recent high’s overhead resistance.

4–Hour Chart
The Yen is gaining ground above level 40 of the daily Stochastic. The price bars have continued to stay above the moving average lines, hence the pair is rising. As the currency pair moves sideways, it fluctuates below and above moving average lines.


General Outlook for EUR/JPY
The EUR/JPY has been moving sideways since June 27 with resistance at 158.00. The pair is currently trading between the levels 152.00 and 158.00. The Yen has been moving sideways for the past month. When the price falls below the range-bound levels, the Yen will trend.

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